Sterling Bancorp (NYSE:STL) announced its quarterly earnings results on Tuesday. The financial services provider reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03, MarketWatch Earnings reports. The business had revenue of $256.07 million for the quarter, compared to the consensus estimate of $247.27 million. Sterling Bancorp had a net margin of 21.32% and a return on equity of 5.83%. Sterling Bancorp’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period last year, the company posted $0.54 EPS.
Shares of STL traded down $1.19 during mid-day trading on Thursday, hitting $19.66. 48,396 shares of the company’s stock were exchanged, compared to its average volume of 3,455,409. The company has a market cap of $3.82 billion, a PE ratio of 16.55 and a beta of 1.68. Sterling Bancorp has a 52 week low of $7.01 and a 52 week high of $21.17. The company has a 50-day simple moving average of $18.43 and a 200 day simple moving average of $13.92. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.93 and a quick ratio of 0.93.
Several analysts have commented on the stock. Seaport Global Securities assumed coverage on shares of Sterling Bancorp in a report on Thursday, December 17th. They set a “buy” rating and a $23.00 target price on the stock. B. Riley raised their target price on shares of Sterling Bancorp from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, January 7th. Zacks Investment Research downgraded shares of Sterling Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 22nd. Finally, TheStreet upgraded shares of Sterling Bancorp from a “c+” rating to a “b-” rating in a report on Monday, December 28th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Sterling Bancorp presently has a consensus rating of “Buy” and an average target price of $20.58.
In other news, General Counsel James P. Blose sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 10th. The shares were sold at an average price of $16.13, for a total transaction of $64,520.00. Following the completion of the transaction, the general counsel now directly owns 37,986 shares of the company’s stock, valued at approximately $612,714.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.96% of the stock is owned by company insiders.
About Sterling Bancorp
Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking products and services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, savings, money market, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.
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